20-04-2021
Alleghany Corporation has reported a healthy profit for the first quarter of 2021, with the re/insurance business delivering double digit net premium growth across all business lines.
The re/insurer reported net profit of $230 million in Q1 2021, having made a loss of $361 million in the first three months of 2020.
Its combined ratio was 99.0 percent for Q1, compared with 101.7 percent the previous year.
Net written premiums (NWP) came in at $1.75 billion, a year on year increase of 14.4 percent on the $1.53 billion reported in Q1 2020. The reinsurance segment reported NWP of $1.39 billion, up 15.2 percent on the $1.21 billion reported the previous year.
TransRe CEO Sapnar to Step Down, Succeeded by Brandt March 16, 2021
TransRe President and CEO Mike Sapnar is leaving the company to pursue another opportunity.
He’ll stay on the job through April 30 to help with the transition. Ken Brandt, currently TransRe’s co-president of Global Underwriting, will succeed him. A member of TransRe’s senior leadership team since 2006, Brandt will also continue to serve on the company’s board of directors.
Weston Hicks, president and CEO of TransRe parent Alleghany Corp., said Sapnar’s leadership has been transformational.
“In early 2012, Alleghany had the good fortune to acquire TransRe and over the following nine years, TransRe produced $849 million of underwriting profits and a 97.5 combined ratio despite a multitude of significant catastrophes during this period. This strong record is due in no small part to the enormous contributions from [Sapnar], who is a terrific leader, an industry statesm
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